Issue - meetings

Meeting: 17/11/2023 - WMCA Board (Item 7.)

7. WMCA Financial Monitoring Report - November 2023 pdf icon PDF 394 KB

[Includes private appendix 12]

Presented By: Councillor Bob Sleigh

Additional documents:


(1)     The financial position as at 30 September 2023 was noted.


(2)     The early warning of a further projected overspend of £1.5m on the Metro Wolverhampton City Centre Extension project was noted, and the proposed funding solution and potential budget increase of £1.5m was approved.


(3)     The new grant awards to the WMCA were noted.


(4)     The updated financial planning position for the period 2024/25 to 2028/29 was noted.


(5)     The updated position on the Sustainable Warmth competition was noted.


(6)     The Treasury and Prudential Indicators for the period ending September 2023 (Quarter 2) was noted.


(7)     The outcome of the annual review of the Single Assurance Framework, undertaken in accordance with the requirements mandated by Government, was noted.


(8)     The performance to date of the West Midlands 100% Business Rates Retention Pilot was noted.


(9)     The Memorandum of Understanding with the Government regarding the offer of 10-year, 100% Business Rate Retention for the West Midlands, in accordance with the Trailblazing Devolution Deal, was approved.


(10)   Authority was delegated to the Section 151 Officer (following consultation with the relevant portfolio holder) to accept grants awarded to the WMCA between 17 November 2023 and the January 2024 WMCA Board meeting, subject to the terms and conditions of those grants being acceptable to the Monitoring Officer, Section 151 Officer and the relevant Executive Director, and the relevant Single Assurance Framework process being followed.